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<SEC-DOCUMENT>0001193125-08-207464.txt : 20081124
<SEC-HEADER>0001193125-08-207464.hdr.sgml : 20081124
<ACCEPTANCE-DATETIME>20081007172954
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-08-207464
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPTICAL CABLE CORP
		CENTRAL INDEX KEY:			0001000230
		STANDARD INDUSTRIAL CLASSIFICATION:	DRAWING AND INSULATING NONFERROUS WIRE [3357]
		IRS NUMBER:				541237042
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5290 CONCOURSE DR
		CITY:			ROANOKE
		STATE:			VA
		ZIP:			24019
		BUSINESS PHONE:		5402650690

	MAIL ADDRESS:	
		STREET 1:		5290 CONCOURSE DRIVE
		CITY:			ROANOKE
		STATE:			VA
		ZIP:			24019
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>[WR LETTERHEAD] </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Via EDGAR and Facsimile </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">October&nbsp;7, 2008 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Mr.&nbsp;Terence O&#146;Brien, Accounting Branch Chief </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Ms.&nbsp;Tracey Houser, Staff Accountant </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation
Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">1 Station Place, N.E., Stop 7010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Washington, D.C.
20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>RE:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Optical Cable Corporation</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT FACE="Times New Roman" SIZE="2"><B>Form 10-K for the
Fiscal Year Ended October&nbsp;31, 2007 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT FACE="Times New Roman" SIZE="2"><B>Filed January&nbsp;29, 2008 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT FACE="Times New Roman" SIZE="2"><B>Forms 10-Q for the Fiscal Quarters Ended January&nbsp;31, 2008 and </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT
FACE="Times New Roman" SIZE="2"><B>April&nbsp;30, 2008 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:5%"><FONT FACE="Times New Roman" SIZE="2"><B>File No. 0-27022 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;O&#146;Brien and Ms.&nbsp;Houser: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On behalf
of our client Optical Cable Corporation, (&#147;Optical Cable&#148;), we are providing responses to the Staff&#146;s letter of comments, dated September&nbsp;23, 2008 (the &#147;Staff Letter&#148;), with respect to Optical Cable&#146;s Form 10-K for
the Fiscal Year Ended October&nbsp;31, 2007 and Optical Cable&#146;s Forms 10-Q for the Fiscal Quarters Ended January&nbsp;31, 2008,&nbsp;April&nbsp;30, 2008 and July&nbsp;31, 2008. This letter has been submitted by facsimile and by EDGAR. A hard
copy has been sent by overnight courier for delivery on October&nbsp;8, 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Annexed to this letter is a copy of the Staff Letter. Set
forth below are Optical Cable&#146;s responses to the Staff Letter. The numbered paragraphs in this letter correspond to the numbers contained in the Staff Letter. Page numbers referred to in the following paragraphs correspond to the page numbers
of the Form 10-K and Form 10-Q. Capitalized terms that are not otherwise defined have the meanings given to them in the Form 10-K or Form 10-Q, unless the context indicates otherwise. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">823 East Main Street, Suite 1200 / Richmond, Virginia 23219 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">804 343-5020 / Fax 804
343-5021 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Offices also in Blacksburg, Danville, Lynchburg and Roanoke, Virginia </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Form 10-K for the Fiscal Year Ended October&nbsp;31, 2007 </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>COMMENT: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Exhibit 13 </U></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Management&#146;s Discussion and Analysis of Results of Operations and Financial Condition, page 7 </U></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In your response to comment 1 in our letter dated August&nbsp;14, 2008, you describe several conditions resulting in your inability to meaningfully separate and quantify various
factors affecting sales in a given period. You cite these conditions as the reason your discussions of sales have been less specific and not individually quantified. You also state you are unable to perform meaningful comparisons of gross profit
margins from quarter to quarter or year to year and unable to do an in-depth product mix analysis. In future filings, please expand your discussion of sales and gross profit to disclose these facts and to discuss the reasons. Please consider what
disclosure is appropriate regarding the effect your inability to meaningfully analyze specific factors underlying your operations has on your ability to respond to trends, adjust to market conditions, and otherwise manage your business. Disclose the
actions management is taking to address these challenges. </FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>As requested, in future filings, Optical Cable will expand its discussion to explain how the diversity of its products impacts sales and gross profit margin comparisons. Optical Cable will highlight meaningful
comparisons and provide cautionary guidance in its disclosures to allow readers to understand and appropriately discern the product mix analysis as it relates to sales and gross profit margin comparisons. Optical Cable will continue to perform
quarterly reviews of its product mix to identify and determine whether additional meaningful comparisons may be made. If such additional comparisons may be made, Optical Cable will disclose those comparisons, to the extent they provide significant
insight into the fluctuations in product mix, sales and gross profit margins. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Optical Cable also will continue to perform analysis each quarter to
search for and identify any potential trends and identify adjustments relating to market conditions. Optical Cable will disclose such trends and identified market adjustments in its periodic filings as suggested to the extent identified.
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>The challenges described in performing a meaningful detailed analysis of factors affecting net sales and gross profit margins are inherent in
Optical Cable&#146;s business and industry and are more a result of the nature of the Company&#146;s large product variety, large number and different types of customers and end-users in various industries, ability for end-users to use similar
products of the Company in multiple and varied applications, and distribution channels obscuring end-use, making discerning meaningful trends or underlying causes difficult (please refer to our response dated September&nbsp;16, 2008, to your letter
dated August&nbsp;14, 2008 for a further discussion), and less a result of system limitations. Therefore, Optical Cable believes it is no less able to describe its business than others with a like number of products, similar customer and end-users
across numerous industries, and similar distribution channels. </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>COMMENT: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>(4) Note
Receivable, page 25 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">We note your response to comment 3 in our letter dated August&nbsp;14, 2008. It appears your position is that the stated maturity date in the note receivable agreement is not
substantive; therefore, it should not be considered a stated maturity date when considering the guidance in paragraph 8 of SFAS 114 when assessing if a note receivable is considered impaired. Based on the following, it is unclear to us how you
determined that the stated maturity date is non-substantive: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A maturity date was contemplated when the original note receivable agreement was finalized. As such, there is a presumption that consideration was given for a
stated maturity date. Otherwise, the note receivable agreement would have been silent on a maturity date or would have been a demand note. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Both parties have gone through the effort of amending the note receivable agreement three times to revise the stated maturity agreement. As such, there is a
presumption that the stated maturity date is of significance. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Assuming July&nbsp;31, 2006 was the original stated maturity date, when Applied Optical Systems, Inc. was not able to meet this stated maturity date, you also
amended the note receivable agreement to turn it into a demand note. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Therefore, it continues to appear that the note
receivable did have an original maturity date that is substantive and should be considered impaired based on the guidance in paragraph 8 of SFAS 114. It should be noted that a note receivable that is considered impaired in accordance with the
guidance in paragraph 8 of SFAS 114 does not necessarily result in an impairment charge based on the guidance in paragraph 17 of SFAS 114. In future filings, please revise your disclosures, as previously requested: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A statement as to whether the note receivable is impaired based on the guidance in paragraph 8 of SFAS 114. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">An explanation as to how you determined it is probable that you will be able to collect all other amounts due under the note receivable agreement. If you are
relying, in part, on the personal guarantees of the two founders of the Borrower, please explain how you determined that the founders will be able to fulfill these potential obligations. Please clarify how <I>this </I>determination relates to your
decision to stop accruing interest owed under the contract. Refer to SFAS 114, <I>as </I>amended, for guidance, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A brief discussion of the Borrower&#146;s operating results, including whether the Borrower is generating profits and positive operating cash flows.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Please provide us with the disclosure you intend to include in future filings. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>RESPONSE: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>In the judgment of management of Optical Cable, the
maturity date of the note receivable is non-substantive for the reasons set forth in Optical Cable&#146;s response dated September&nbsp;16, 2008, to your letter dated August&nbsp;14, 2008, and therefore believes the note receivable should not be
classified as impaired pursuant to SFAS 114, again for the reasons set forth in our response dated September&nbsp;16, 2008, to your letter dated August&nbsp;14, 2008. </B></FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Optical Cable understands and respects the SEC Staff&#146;s reasons for believing the note receivable meets a strict
interpretation of the definition of impairment under SFAS 114, even though Optical Cable has reached a different conclusion after careful consideration of what it believes to be a practical and reasonable interpretation of SFAS 114. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>As set forth in further detail in our response dated September&nbsp;16, 2008, to your letter dated August&nbsp;14, 2008, Optical Cable has previously performed
analyses on a quarterly basis to determine whether the Borrower had the ability to repay the note receivable, including principal and interest. Without repeating the discussion set forth in our response dated September&nbsp;16, 2008, Optical
Cable&#146;s analyses, including a valuation analysis of the Borrower performed by an independent consultant, caused it to reach the conclusion that the Borrower would be able to fully repay the note receivable and that the note receivable was
properly recorded at no more than net realizable value on Optical Cable&#146;s balance sheet. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>However, given the SEC Staff&#146;s disagreement with
Optical Cable regarding whether the note receivable should be classified as &#147;impaired&#148; pursuant to SFAS 114, in future filings Optical Cable will indicate that the note receivable from the Borrower meets the strict definition of an
impaired loan according to paragraph 8 of SFAS 114 and will provide the disclosures required, as applicable. Optical Cable&#146;s future disclosure will also include an explanation as to how Optical Cable determined it is probable that it will be
able to collect all other amounts due under the note. Additionally, Optical Cable will clarify how the determination relates to its decision to stop accruing interest owed under the note. </B></FONT></P> <P
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WOODS ROGERS PLC</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian Michael Brown</FONT></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Neil D. Wilkin, Jr., President, CEO and Chairman of the Board </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman"
SIZE="2">Tracy Smith, Vice President and Chief Financial Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Nick Conte, Woods Rogers PLC </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">T. Douglas McQuade, KPMG LLP </FONT></P>
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